Polygon zkEVM Transactions Spike as DeFi Activity Soars

Soaring DeFi activity drives daily transactions on Polygon zkEVM to multi-month highs.

Man in a trading office, looking at a Polygon zkEVM coin materialising infont of his eyes.
Created by Gabor Kovacs from DailyCoin
  • Daily transactions on Polygon zkEVM recently spiked to a three-month high.
  • The transaction spike follows an uptick in DeFi activity on the network.
  • Polygon zkEVM’s soaring network activity mirrors a recent surge experienced on Polygon PoS.

In recent months, the Ethereum Layer 2 narrative has gained increased traction, sparking excitement about promising projects, including Polygon zkEVM. Amid new milestones and soaring network activity, daily transactions on the network recently spiked to their highest point in three months.

Polygon zkEVM Daily Transactions Spike

On Saturday, November 25, transactions on the Polygon zkEVM network surpassed 100k for the first time since August 2023. Specifically, the network processed 102.9k transactions on Saturday, according to Artemis data—the fifth-highest number of transactions the network has ever processed in a single day.

Following the recent transaction spike, the Polygon zkEVM network has now processed 8.2 million transactions in the eight months since it launched, according to data from zkevm.polygonscan.com. The feat underscores the network’s steady growth even as users now set their sights on reaching 10 million transactions by year’s end.

The recent spike in transactions follows a recent uptick in DeFi activity on the Layer 2 chain. Even though the month is yet to end, the Polygon zkEVM network has already recorded its highest monthly DEX volume in November 2023 at $51.37 million and counting, according to DeFi Llama data at the time of writing. 

Monthly Polygon zkEVM DEX volume chart.
Monthly Polygon zkEVM DEX volume chart. Source: Defi Llama

With the feat, the network has sustained a total DEX volume of over $50 million in the past two months, about 80% more than the $28.8 million total in September 2023, signaling sustained user activity and engagement.

Polygon zkEVM’s recent growth spurt mirrors the recent surge in activity on the sister Polygon PoS chain.

Mutual Growth

Like the zkEVM chain, the Polygon PoS chain has also recently experienced a spike in DEX volumes and daily transactions.

On November 14, DEX volume on the Polygon PoS chain surpassed $400 million for the first time since March 2023. On November 16, the network recorded over 16 million transactions, the network’s highest number of transactions ever processed in a single day.

The excitement within the Polygon ecosystem comes amid a new blockchain inscription craze and growing excitement around the 2.0 roadmap. The latter has been bolstered by a recent partnership between Polygon Labs and OKX that will see the leading exchange launch a layer 2 blockchain with the Polygon Chain Development Kit (CDK).

On the Flipside

  • On Sunday, November 26, transactions on the Polygon zkEVM chain dropped to 74.01k.
  • Polygon zkEVM’s early growth has largely been attributed to airdrop speculations.

Why This Matters

The recent spike in transactions on the Polygon zkEVM signals greater adoption of the Layer 2 solution.

Read this to learn more about the recent buzz in the Polygon ecosystem:
Polygon (MATIC) Looks to Extend Growth as PoS Activity Soars

Lithuania is setting its sights on Web3. Find out more:
Lithuania to Stake Its Claim as Web3 Sandbox for Innovation

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.